Welch Group LLC Has $68.13 Million Stake in Chevron Co. (NYSE:CVX)

Welch Group LLC boosted its position in shares of Chevron Co. (NYSE:CVX) by 4.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 410,177 shares of the oil and gas company’s stock after purchasing an additional 15,885 shares during the period. Chevron comprises about 3.0% of Welch Group LLC’s investment portfolio, making the stock its 10th biggest position. Welch Group LLC’s holdings in Chevron were worth $68,126,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CVX. Life Planning Partners Inc bought a new position in Chevron during the 4th quarter valued at about $25,000. IMG Wealth Management Inc. bought a new position in shares of Chevron in the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron in the fourth quarter worth about $29,000. 10Elms LLP bought a new position in shares of Chevron in the fourth quarter worth about $29,000. Finally, Fairway Wealth LLC raised its stake in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $137.89 on Friday. The company’s fifty day simple moving average is $142.47 and its 200-day simple moving average is $150.70. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market cap of $240.81 billion, a PE ratio of 14.19, a P/E/G ratio of 1.46 and a beta of 0.83. Chevron Co. has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same period in the prior year, the firm earned $2.93 earnings per share. The company’s revenue was down 2.3% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.96%. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. TD Cowen dropped their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Truist Financial dropped their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Raymond James dropped their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Redburn Atlantic reissued a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.